This quiz works best with JavaScript enabled. Home > Economics > Macroeconomics > Gdp > Gdp – Quiz 5 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Gdp Quiz 5 (30 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. If a nation's GDP is declining and the inflation rate is 10 percent a year, than the country is most likely experiencing A) An economic expansion. B) An economic depression. C) A boom period. D) Stagflation. Show Answer Correct Answer: D) Stagflation. 2. When high unemployment is combined with high inflation A) Noflation. B) Stagflation. C) Inflation. D) Deflation. Show Answer Correct Answer: B) Stagflation. 3. Using the following figures, please find GDP. C = 11.2 billion I = 2.5 billion G = 3.1 billion X = 2.2 billion M = 2.7 billion. A) $ 21.7 billion. B) $ 15.8 billion. C) $ 16.8 billion. D) $ 16.3 billion. Show Answer Correct Answer: D) $ 16.3 billion. 4. Which national income measurement approach aggregates spending on goods and services? A) Income approach. B) Output approach. C) Expenditure approach. D) None of the above. Show Answer Correct Answer: C) Expenditure approach. 5. Which is MOST likely to be in a country with a high literacy rate? A) A low standard of living. B) A high standard of living. C) Little investment in human capital. D) Too much investment in capital resources. Show Answer Correct Answer: B) A high standard of living. 6. Remember:there are four "pieces" of GDP:C, I, G, Nx.If you spend $ 20, 000 on a vehicle, which piece are you affecting? A) (Ex-Im). B) I. C) C. D) G. Show Answer Correct Answer: C) C. 7. Which is a final product in a bakery? A) Sugar. B) Eggs. C) Cake. D) Flour. Show Answer Correct Answer: C) Cake. 8. Which of the following would be included in the calculation of GDP? A) Final goods. B) Intermediate goods. C) Second hand goods. D) Black market activity. Show Answer Correct Answer: A) Final goods. 9. Dissaving means: A) The same thing as disinvesting. B) That households are spending more than their current incomes. C) That saving and investment are equal. D) That disposable income is less than zero. Show Answer Correct Answer: B) That households are spending more than their current incomes. 10. Person pays for a house that's 10 years old. A) Consumer spending. B) Not counted in GDP. C) Investment spending. D) Net exports of goods and services. Show Answer Correct Answer: B) Not counted in GDP. 11. What is the difference between Nominal and Real GDP? A) Nominal GDP includes imports from other countries, Real GDP does not. B) Real GDP is adjusted for inflation, nominal is not. C) Real GDP represents the current year, nominal represents a base year. D) None of above. Show Answer Correct Answer: B) Real GDP is adjusted for inflation, nominal is not. 12. A budget surplus is best described as which of the following A) Revenue is less than expenses. B) Revenue is greater than expenses. C) Expenses is greater than revenue. D) Revenue is equal to expenses. Show Answer Correct Answer: B) Revenue is greater than expenses. 13. The most current US GDP per Capita is roughly A) Over $ 100, 000. B) $ 70, 000. C) $ 64, 000. D) $ 50, 000. Show Answer Correct Answer: C) $ 64, 000. 14. Type of inflation in which price levels for goods and services increases by 500 percent or more a year? A) Creeping inflation. B) Galloping inflation. C) Hyperinflation. D) Cost-push inflation. Show Answer Correct Answer: C) Hyperinflation. 15. Which of the following would NOT be included in GDP? A) Haircut at Supercuts. B) Buying 1, 000 $ of Fantastic Sams Stock. C) Buying shampoo at Fantastic Sams. D) Haircut at Fantastic Sams. Show Answer Correct Answer: B) Buying 1, 000 $ of Fantastic Sams Stock. 16. Which type of unemployment is this:Jon left his job in GA because he is moving to be closer to family in MO. A) Cyclical. B) Frictional. C) Not unemployed. D) Structural. Show Answer Correct Answer: B) Frictional. 17. When production in an economy grows more quickly than the population in that economy, which of the following must be occurring? A) Real GDP is falling. B) Incomes are growing at a slower rate than the population. C) Real GDP per capita is rising. D) Living standards are falling. Show Answer Correct Answer: C) Real GDP per capita is rising. 18. When Ivan's birthday? A) 1/01. B) 1/02. C) 21/01. D) 05/02. Show Answer Correct Answer: C) 21/01. 19. The U.S. Government hired 10 Chinese-language experts, from China, to train U.S. Workers. A) GDP increases. B) GDP decreases. C) No change. D) None of above. Show Answer Correct Answer: B) GDP decreases. 20. The date when the prime minister born A) Dec. 2, 1972. B) Sept. 20, 2003. C) March 13, 2013. D) March. 17, 1960. Show Answer Correct Answer: C) March 13, 2013. 21. What is an example of a good and/or service? A) Playing in a public park. B) Receiving a grade on your homework. C) Giving advice to a friend. D) Paying a repairman to fix your bike. Show Answer Correct Answer: D) Paying a repairman to fix your bike. 22. The percentage change in the price level from a previous period A) GDP. B) Inflation rate. C) Unemployment rate. D) CPI. Show Answer Correct Answer: B) Inflation rate. 23. What are the two main types of GDP? A) Growth & Stabilizing. B) Real & Nonmarket. C) Nominal & Real. D) Normal & Inferior. Show Answer Correct Answer: C) Nominal & Real. 24. Which American city is known as the "city of brotherly love" A) Boston. B) Cleveland. C) Philadelphia. D) Chicago. Show Answer Correct Answer: C) Philadelphia. 25. Which of the following in NOT part of the GDP equation A) Consumer Spending. B) Demand Spending. C) Business Investment. D) Government Spending. Show Answer Correct Answer: B) Demand Spending. 26. Which of the following expenditure components of GDP can be negative or positive? A) Consumption expenditures. B) Investment expenditures. C) Government purchases of goods and services. D) Net exports of goods and services. Show Answer Correct Answer: D) Net exports of goods and services. 27. Which of the following is a final good or service? A) The new economics textbook you are using. B) Tires purchased by Ford for use on one of their SUV's. C) The hair gels used by a hair stylist at the local hair salon. D) The taco shells purchased by Taco Bell for use in their tacos. Show Answer Correct Answer: A) The new economics textbook you are using. 28. When is GDP measured? A) Hourly and weekly. B) Daily. C) Yearly and quarterly. D) Once every century. Show Answer Correct Answer: C) Yearly and quarterly. 29. If aggregate demand rises faster than producers can supply goods services A) Demand-pull inflation. B) Cost-push inflation. C) Inflation. D) None of above. Show Answer Correct Answer: A) Demand-pull inflation. 30. Real GDP is same as A) GDP adjusted for Inflation. B) GDP at current prices. C) Nominal GNP. D) GNP less net factor income from abroad. Show Answer Correct Answer: A) GDP adjusted for Inflation. ← PreviousNext →Related QuizzesMacroeconomics QuizzesEconomics QuizzesGdp Quiz 1Gdp Quiz 2Gdp Quiz 3Gdp Quiz 4Gdp Quiz 6Gdp Quiz 7Gdp Quiz 8Gdp Quiz 9 🏠 Back to Homepage 📘 Download PDF Books 📕 Premium PDF Books